Industries likely to be disrupted by Blockchain

What started with banking and payments has moved on to the other industries as well. Blockchain came into existence entirely when Bitcoin, the digital cryptocurrency was first introduced to the world. It became the public ledger, a sort of database, which allowed you to verify and validate the various transactions. It was the technology based on which several industries were planning to overhaul their critical applications.

Blockchain will soon disrupt several industries. They way they function, and offer solutions will be altered with the introduction of Blockchain. Let’s have a look at seven such industries that are surely going to be disrupted by the introduction of Blockchain.

Financial Services

Blockchain has already hit the banking and payments industry. It will typically become a part of every aspect of financial services known to us.

With Blockchain, the financial services industry will be able to reduce costs substantially. They can even improve the security features, thus reducing the fraud rates within the industry. Blockchain validates, verifies and even logs every transaction made. This will make transactions transparent, and improve the overall effectiveness and efficiency of the system, which includes bonds and stocks.

The blockchain is more of a peer-to-peer, decentralized technology, which will eventually simplify taxation, and widen the approach of taken by the financial services industry. It will lead to innovation, thus simplifying the journey of the customers thus becoming the first among the other industries likely to be disrupted by blockchain.

Cloud Storage

Cloud storage is centralized and tends to secure customer’s data. The centralized structure can bring in vulnerability, which can eventually cause data loss in the cloud. Hackers can easily attack into a centralized system.

Blockchain facilitates a more decentralized system, which will help in keeping the hackers away from your data. Blockchain applications will prevent the widespread data loss, which occurs otherwise. With Blockchain enabled cloud storage, you can increase the security of the data, prevent data loss, and reduce the overall costs. Renting out space is easy, efficient, and fraud free.

Healthcare

Sharing data securely, secure patient-doctor collaboration and accurate diagnoses based on the data shared is what healthcare industry is looking. Currently, with technology aided health care, accurately delivering healthcare solutions has become a possibility. With Blockchain technology, you can create the healthcare value chain that helps in sharing data while maintaining the security.

You can include multi-factor authentication to make the data infrastructure safe and secure. You will need to build applications that will help you with secure infrastructure management for your healthcare needs. It will contribute to maintaining an accuracy of data and managing patients efficiently.

Voting

Voting has always been associated with fraud. You would always find someone claiming that the votes were debunked. If you have a good application for elections built on blockchain technology, then you would be able to verify the votes and make sure there’s no fraud around.

You can even keep track of the votes and the identity of the voters with this application. The application will also ensure no votes have been altered, thus making it full proof.

Travel & Transportation

With travel and transportation, you have thousands of touch points, each of which is important. The interactions need to be logged, and each interaction has to be classically registered and maintained. You can easily automate the whole journey from booking the container to safe transportation with blockchain technology. The blockchain can be used to keep a record of your travel booking .

Automated logs and a detailed report is a result of blockchain technology in travel and transportation.

Real Estate

Real estate, buying and selling both, involves a lot of paperwork. You have a massive process in place, and there is payment involved too. With blockchain technology offering underlying support to the real estate industry, you can keep track of the transactions. You can automate the entire process, and make sure the paperwork is steady and smooth.

You won’t need intermediate people, as most of the things would be taken care of by the blockchain technology.

Music Industries

Piracy has cost a lot of musicians a lot of money. If you want to protect your music and make sure you get paid for what you create, you ought to develop an application using Blockchain technology. This will help keep a record of who is downloading and from where. You can even block the illegal websites, and make sure you charge a royalty from sites that offer your music for download, thus making it one among the other industries likely to be disrupted by blockchain.

Blockchain technology can pull literal strings for most industries, and ensure that you have a log of every detail that needs to be kept safe and secure. It is sure to alter the way we have been operating in these industries for this long.

Sodio technologies cater to mobile applications with Blockchain technology to disrupt your industry and give you a safe alternative. Connect with us for quick solutions for your needs.

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